Insuring to Value
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Catastrophic loss events in the late 20th century pointed out a grave problem for the insurance industry: there had been massive miscalculations of homeowners’ property values. The issue was spotlighted again early in the 21st century when catastrophes slammed the United States. These events illustrated the critical importance of correct valuation. Without it, premiums are inadequate and settlements insufficient to fulfill the promise to replace with like kind and quality.Insuring to Value: Meeting a Critical Need analyzes the need for correct valuation when binding and renewing homeowners insurance policies. It explains how valuation methods were improved after the industry focused on the…
Publisher: The National Underwriter Company